Study Reveals Economic Impact of NYNJ Port on Region
Over 330,000 jobs are generated by activity in the port of New York and New Jersey, according to a study released last week.
The independent economic impact study of port operations showed that jobs directly associated with port activity increased by more than 13 percent since 2012, the last time a comprehensive economic impact analysis was conducted.
The analysis was prepared for the New York Shipping Association, Inc. (NYSA) and reflects the economic impacts associated with the port industry in New York and New Jersey as it operated in the year 2014. The report summarizes the maritime movement of goods and people through the region and the substantial capital investments that have and continue to be made in the region’s port infrastructure.
“This study shows us how the cargo and passengers flowing through the terminals of the port of New York and New Jersey positively impact the economy of the region,” said John J. Nardi, President of the New York Shipping Association. “The employers and employees of the port community support the businesses and population of the largest and most affluent consumer market in the world.”
The port of New York and New Jersey is the largest port on the east coast, the third largest port in the United States by volume and the second largest in value, and serves over 35 percent of the entire population of the United States.
“The significant economic contribution the Port makes to this Region is demonstrated once again in this the sixth iteration of the economic impact study of the New York-New Jersey port industry,” Nardi added. “Clearly the maritime industry continues to play a critical role in the vibrancy of businesses in this region.”
The purpose of the study, according to the NYSA, is to update the estimate of economic impacts of the port on the region, educating policymakers, decision makers and citizens about the importance of the industry. The report describes how the investment of public agencies and private industry resulted in state of the art facilities, deeper channels, and multimodal access to North America. It also takes into account the aggressive capital program ongoing in the port region and the jobs and revenue generated from that work.
The report also found that the port generates 190,100 direct jobs, $21.2 billion in personal income, $53.5 billion in business income, and over $7 billion in federal, state and local taxes.
“As we look toward continued growth in cargo and port efficiencies,” Nardi concluded, “we will continue to evolve to remain a substantial, lasting and stable economic driver for our regional economy.”